Recession of 1.4% confirmed for 2013

Page created: Tuesday, 11 March 2014 12:32 GMT


The Portuguese National Statistics Institute (INE) confirmed on Tuesday that the 2013 recession was 1.4% of Gross Domestic Product (GDP), but calculated that the growth in the last quarter was slightly higher than previously estimated.The INE said that growth in the last quarter of 2013 was 0.6% when compared to the third quarter slightly more than the 0.5% they had estimated in mid-February.
The statistics office also revised up the annualised growth between the last quarters of 2012 and 2013 from 1.6% to 1.7%.